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What Clauses to Include in an LLC Operating Agreement?

www.reichertlegal.comThere are several important clauses that an LLC Operating Agreement needs. If you are considering having an operating agreement created for your LLC, be sure to consider these clauses and discuss them with your attorney:

Equity structure – how much each partner is putting into the new business, and what their economic and management interest in the new business will be.

Management – whether your LLC will be managed by outside managers or by members.

Voting Rights – how the voting rights are divided among the members, what constitutes a majority, and whether certain members will have veto rights.

Restrictions on Transfers – how members can sell their interest in the company, and whether other members have the right to veto a transaction, or a right of first refusal. Also, be sure to include a provision on what happens in case of a buyout.

Dissolution – Include the events that will trigger a dissolution as well as how the dissolution will happen.

For a free, confidential conversation to discuss this and other business law matters, including business formation legal services, contact Maryland business attorney Stephen J. Reichert at 410-299-4959, or by clicking here.

Day, evening and weekend appointments are available in office or at your residence. Mr. Reichert personally serves business law clients throughout the entire state of Maryland.

Stephen looks forward to assisting you with your Maryland business law needs.

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